Tuesday, August 14, 2012

Small developers announce healthy quarterly results

Property developer KSH Holdings Limited has seen a 66 percent rise in net profit to S$1.7 million for the three months ended 30 June 2012 (Q1 FY2013), coupled with a net profit attributable to shareholders of S$4.3 million.

The strong results were achieved on the back of a 35.3 percent increase in the group’s revenue to S$55.2 million for Q1 FY2013.

“We are pleased with this quarter’s results and we view the enhanced growth as the fruit of an ongoing rebalancing of our portfolio between construction and property development,” said Choo Chee Onn, Executive Chairman and Managing Director of KSH.

“In construction business, we have a good mix of projects in both public and private sectors and in property development, we are pleased that property sales from the launched projects have started to contribute to the Group’s financial performance this quarter,” he added.

Separately, Tiong Seng Holdings Limited posted a six percent rise in net profit attributable to equity holders amounting to S$9.7 million for the second quarter ended 30 June 2012 (Q2 2012).

Growth was attributed to higher revenue from sales of Cobiax products, construction contracts and rental income that boosted the group’s revenue by 55 percent to S$130 million.

Buoyed by the strong results, Tiong Seng’s net profit attributable to equity holders for 1H2012 climbed by 30 percent to S$14.8 million while revenue rose to S$233 million.

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